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The cryptocurrency market has entered a prolonged downturn, according to CoinGecko., 2026/04/17 10:40:05
The cryptocurrency market has entered a prolonged crypto winter amid a decline in trading activity and market capitalization, as reported by analysts from CoinGecko. This trend reflects a weakening demand following the growth observed in 2025.
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During the first quarter, the market faced pressure from economic and political influences. The bearish trend that began in late 2025 intensified due to global instability and expectations of tighter monetary policy in the United States.
Analysts identified a significant factor as the reduction in liquidity. Consequently, activity on centralized cryptocurrency exchanges has significantly diminished, further exerting pressure on prices and limiting the potential for market recovery.
The total cryptocurrency market capitalization has decreased by over 20% during the quarter. The volume of spot trading on the ten largest centralized exchanges fell by 39% — from $4.5 trillion in the fourth quarter of 2025 to $2.7 trillion in the first quarter of 2026. In March, the figure was approximately $800 billion, marking the lowest level since November 2023.
The average daily trading volume was $117.8 billion, which is 27% lower than the previous quarter. A decline in activity was observed across all major platforms, with the most significant drop occurring on the HTX exchange — down 55%, to $133.6 billion.
Bitcoin’s price decreased by 22% during the quarter, continuing to lag behind other asset classes, despite a downturn in U.S. stock indices. CoinGecko also noted that the appointment of Kevin Warsh as the head of the Federal Reserve System may indicate a shift towards a stricter monetary policy.
Under the current circumstances, the decline in liquidity and tightening economic conditions suggest ongoing pressure on the cryptocurrency market. Analysts believe that a key factor for recovery will be the resurgence of demand and an increase in the money supply within the system.
Previously, analysts from the on-chain platform CryptoQuant indicated that the cryptocurrency market has entered conditions typical of the “final stage of capitulation.”
